☕️Surcharge Scrap

Good morning.

In its policy submission to the ongoing merchant costs and surcharging review, viewed by Capital Brief, Macquarie Bank has called on the RBA to lower the cap on interchange fees on credit cards, drastically slashing their economics, or allow businesses to surcharge customers who pay with them, diminishing their value proposition.

The move marks a distinct policy split from the position of the big four banks, which last month saw the Commonwealth Bank fire off a solitary letter to RBA governor Michele Bullock warning the interchange fee caps could “jeopardise” Australia’s payment system unless dropped. 

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Market movers

Shares in software company Iress rose Thursday after it named former Bravura and Class boss Andrew Russell as CEO, succeeding Marcus Price ahead of a planned product and client-focused phase.

The leadership change comes after Iress confirmed talks with private equity giants Blackstone and Thoma Bravo over a possible acquisition.

The quick sync

• Business leader John Denton says ‘tech bros’ should not be driving AI regulation, urging input from traditional industries, civil society and political leaders. (Capital Brief)

• Macquarie’s Shemara Wikramanayake says Wall Street’s grip on global capital remains strong, despite rising interest in alternative markets. (Capital Brief)

• Five rulings, two upsets and one High Court flex. Gageler’s bench moves fast and makes waves on land rights and care for the injured. (Capital Brief)

• With his defamation appeal shut down, Ben Roberts-Smith now faces the real prospect of criminal prosecution. (Capital Brief)

• HBO Max latches onto Amazon Prime to claw into Australia’s crowded streaming scene. (Capital Brief)

Trading floor

M&A

• Warner Bros Discovery has partnered with Amazon to distribute HBO Max through Prime Video in Australia, aiming to accelerate its local expansion. (Capital Brief)

• ACCC warns IAG–RAC Insurance deal may harm WA competition. (Capital Brief)

• Identitii exits Payble with $1.6m sale to OIF Ventures. (Startup Daily)

• Goldman partners with T. Rowe Price, investing USD1b to expand private-market products. (Capital Brief)

• Jack Cowin buys $5m in Domino’s shares, sparking confidence in turnaround. (The Australian)

• Atlassian buys The Browser Company for USD610m to back AI-driven Dia browser. (Capital Brief)

• Shell mulls sale of North West Shelf LNG stake amid shifting strategy. (The Australian)

• Carlyle raises $20bn to scoop up ageing private equity stakes. (FT)

Capital Markets

• KMD Brands targets $25m cost cuts in major transformation plan. (Capital Brief)

• UBS slashes Inghams target to $2.80 on market share, pricing woes. (Capital Brief)

• Australia passes payments system reforms to cover digital wallets and BNPL. (Capital Brief)

• Carma hires banks for ASX IPO, modeled on Carvana. (AFR)

• Revolut buys back 10% of shares as valuation hits USD75b. (Capital Brief)

• Australian Unity Office Fund delays wind-up over final $63.5m asset sale. (The Australian)

• BCA: 2035 climate target needs $210b–$530b investment. (Capital Brief)

• US job growth slows, jobless claims rise. (Capital Brief)

• NSW government secures Tahmoor mine over unpaid royalties. (AFR)

• Seek alleges Employment Hero stole candidate data to boost its platform. (Capital Brief)

• Centennial hires CBRE to seek capital partner for $3.3B property group. (AFR)

• Macquarie pushes RBA to curb costly credit cards, back debit payments. (Capital Brief)

• Mitsui disputes $300m demands from Exxon and Woodside in Bass Strait feud. (AFR)

• With consumers surprising on the upside, markets are now asking: has the Australian economy quietly turned the corner? (Capital Brief)

• American Eagle stock soars as retailer says Sydney Sweeney campaign is ‘best’ to date, beats earnings. (CNBC)

• Citigroup will shut its last in-house asset manager and transfer USD80b to BlackRock by year-end in a major wealth overhaul. (Bloomberg)

• Goldman Sachs wants everyone to be long-term greedy. (FT)

• Google must pay USD425m in class action over privacy, jury rules. (Reuters)

• DeepSeek targets AI agent release by end of year to rival OpenAI. (Bloomberg)

VC 

• None

People moves

• Iress CEO Marcus Price exits, Andrew Russell to take over in November. (Capital Brief)

• Boom Logistics CEO Ben Pieyre resigned after being accused of misusing nearly $1m in company funds. (AFR)

• Escala Partners hires ex-Hostplus PE head Neil Stanford to aid rebuild. (AFR)

• Ex-Finder boss Chris Ellis named CEO of Collabra.ai. (Startup Daily)

• Qantas taps Rebecca Vallance for first uniform refresh in 10 years. (AFR)

• REA Group chief product and audience officer Melina Cruickshank exits after missing out on CEO job. (Capital Brief)

• Slater and Gordon loses third HR chief amid ongoing workplace turmoil. (AFR)

• ConocoPhillips to cut up to 3,250 jobs amid oil price slump. (The Australian)

• Allegro Funds names Johan Krynauw as new partner. (AFR)

• Square Peg’s Lucy Tan exits after four years. (AFR)

The watercooler